New Jersey § app:a-4

§ app:a-4.

Such bonds may be issued from time to time in such amounts as may be determined by

the governing body of such municipality. Each issue of said bonds shall mature in annual installments or series, beginning

not later than five years and ending not later than forty-five years after the date

of the bonds of such issue. Such annual installments or series may be equal or unequal in amount. Said bonds shall bear interest at a rate which shall not exceed six per cent (6%)

per annum, payable semiannually. Said bonds shall be issued in such form and with such provisions as to time, place

and medium of payment as said governing body may determine, subject to the limitations

and restrictions contained in this act. Said bonds either shall be sold upon sealed proposals, or at public auction, after

seven days' notice of such sale published once in a newspaper published in such municipality,

or if no newspaper is published therein, in a newspaper published in the county in

which such municipality is located and circulating in such municipality, and also

once in a financial newspaper published in New York City or in the city of Philadelphia,

or, in the discretion of such governing body, may be sold and delivered without previous

public offering in exchange for the bonds or notes to be funded or refunded by the

issuance thereof, whether or not such bonds or notes be then due and payable and irrespective

of any higher or lower rate of interest borne by such bonds or notes. Such bonds may be sold and delivered at such price or prices, computed in the manner

or mode of procedure prescribed by Montgomery Rollins' “Tables of Bond Values” (twenty-first

edition, published by The Financial Publishing Company, Boston, Massachusetts), as

will yield to the purchasers income at a rate not exceeding six per cent (6%) per

annum to the maturity dates of the several bonds so sold and delivered on the money

paid to the municipality therefor. If no legally acceptable bid is received for the bonds advertised to be sold at

such public sale, said bonds or any of them may be sold without further advertisement

at private sale and without further public offering within ninety days after the advertised

date of such public offering. The issuance of said bonds shall be authorized by ordinance, which need state only

the principal amount of bonds to be authorized, the maximum rate of interest to be

borne by the bonds, and the maturity dates of the bonds, and shall describe the outstanding

notes or bonds to be funded or refunded in such manner as to identify them; and any

other action required by this act to be taken by such governing body, including that

of designating the officials to execute said bonds, preliminary to the issuance of

such bonds, shall be taken by resolution adopted by the votes of not less than a majority

of all the members of such governing body.